Brixey & Meyer Blog

Tax Rate Update

Ohio individuals will experience a tax rate decrease that is retroactive to January 1, 2021.

Topics: Tax Planning, ohio, Tax, Tax Team, Tax updates, Sales Tax, Income Tax

The Biden Administration’s American Families Plan and other tax proposals may complicate the tax landscape for high-income earners. Many of the proposals target taxpayers earning more than $400,000 per year.

Topics: Tax Planning, ohio, Tax, Tax Team, Tax updates, workplace productivity, meal deduction, Management, Deductions, Workplace Culture, Tax Increases, Biden Administration

This has obviously been anything but an ordinary year and tax guidance has been issued to provide some relief. In 2020, Congress passed the CARES Acts, in response to the pandemic, and many of these provisions will help mitigate the financial impact of the disease, which should be considered as part of your yearend planning to take advantage of them and the effects of the Secure Act to decrease 2020 income tax liabilities for individuals and businesses. Many of these provisions are quite complicated and probably require the expertise of our tax professionals, but there are steps which can be taken prior to yearend to minimize your tax liability.

Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates

Get prepared for 2021! Check out the cost of living adjustments and see how you will be affected.

Topics: ohio, year-end planning, Tax, Tax Team, Tax updates, workplace productivity, Management, New Year, 2021

IRS Notice 2020-75 (‘the Notice”) was issued on November 9, 2020 and announced that the Department of the Treasury and the Internal Revenue Service intend to issue Proposed Regulations to clarify that State and local income taxes imposed on and paid by a partnership or an S corporation on its income are allowed as a deduction by the partnership or S corporation in computing its non-separately stated taxable income or loss for the taxable year of payment. Furthermore, the Proposed Regulations will provide certainty to individual owners of partnerships and S corporations in calculating their state and local tax deduction payments.

Topics: ohio, Tax, Tax Team, Tax updates, workplace productivity, Management, 2020, S Corporations, Partnership

The passing of the Tax Cuts and Jobs Act led to many questions about your bottom line last tax season. With one year behind us, we look forward to moving into this tax season with more clarity and confidence to manage the effects of the reform for both individuals and businesses.

Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates

Well, the nation’s largest tax conference reared its informative head again at the end of January. It was time to talk about tax reform, the new Ohio tax administration, Wayfair and, of course, the taxability of Cincinnati Reds’ bobbleheads (again). I am one of those people who loves to learn, see old friends and meet new people so this is an enjoyable event for me.    

Topics: Takeaways, brixey and meyer, ohio, Tax, Tax Team, Tax updates, New Year, Wayfair

Beavercreek is stepping into the future and plans to offer new incentive programs in an effort to attract and retain growing businesses. The economic development tools the City wants to implement this year could bring many new jobs and greater investment to the City. 

Topics: Takeaways, brixey and meyer, dayton, Tax, Tax Team, Tax updates, New Year, Beavercreek

 The Internal Revenue Service issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. 

Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates, New Year, Mileage

The reality of tax reform and its effects on current year income and deductions will soon be evident as we move into the 2018 tax filing season. Though questions remain, there are steps which can be taken prior to year-end to take full advantage of the new provisions and avoid some of the pitfalls. We've compiled some of those steps for both individuals and business owners.  You can download those below. 

Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates, Manufacturers